St. Paul daily globe., 1887-10-23
Mary TeitsWopth'S Suit For
Divorce From a Runaway
Husband in Court.
An Inquest at st. Anthony
Park--Petersen & Blai-
kie'S Liabilities.
To-Day's Church Services
Odds and Ends Found Here
and Thepe--NoteS.
FAITH IN ST. PAUL.


A Representative Business Man
Finds Eastern Capitalists Be
lieve in Making Investments
Here.
William NJ. Bushnell, of the firm of
Bushnell IL Bushnell, is home from a
months visit to Eastern cities. He took
especial pains while away to sound the
sentiment of Eastern capitalists with
reference to st. Paul investments.
Il arrived home yesterday, after a
months SojOurn in New York, Boston.
Philadelphia, Hartford and other lead
ing business centerS in the Eastern
states. had very pleasant trip, and
feel very much gratitied at what l
learned while away said he to a
GLOBE reporter yesterday. Without
an exception | found everybody we'll
pleased in reference to the future pros
poets of this city, and might say that
values in st. Paul were compared with
those in Kansas City and other Western
cities, and the greatest confidence eX-
pressed that property here,was a much
better investment with the prices asked
than in any other cities mentioned.
Capitalists generally express confidence
in the whole West, but their universal
verdict is that prices Gn real estate in
st. Paul are very conservative, and with
our increase in population and improve
mentS must advance to somewhere near
the values of similar property in the
other citieS.'
''How did you find the money market
East?"
Money was very tight in New York
and Boston thirty days ago, but before
l left those cities, the tone Of the
market had very much improved, and
money was plenty at very low rate of
interest, and is finding its way West
very rapidly"
What, in your opinion, caused the
late stringency iH money matters in the
EaSt?'
1T was due to several causes, one of
which was the fact that manipulators of
railroad stocks and bonds formed Syndi-
Gates in Boston and New York to tie I'D
all the surplus capital. This was ac-
cOmpliShed in great measure by bOr-
rowing that money on government
bonds and leaving it right in the banks
so that it could not be used by any one.
This soon had the effect of crowding
down that class of securities until they
were held at a price where people COM
menced to invest in them. As soon as
this was done, the clique bought what
they desired. unloaded their money on
the banks, and now it is possible for a
person, with good paper, to get what
ever money they need; the rate on call
loans dropping from to per cent.
within four days. This money squeeze
has made a great many Eastern invest
orS shy OF railroad securities, they feel
ing that they prefer some securi-
ties that cannot be manipulated by
a clique of bulls or bears. When money
became so scarce in the East. the banks
called IN all their call loans, a good many
of which were held in the West, in
Kansas City, st. Paul and Minneapolis.
1 was told by a leading banker in Bos-
ton that Boston banks had called on
makers of notes in Western cities for
over S5,000,000, and that makers of those
notes, who lived in st. Paul, responded
promptly and remitted from this city to
Boston over 81, ,000, 900 in one week. This
Will explain TO great many, in part,
the reason for the tightneSS of the
money market in st. Paul during Octo-
Der. Of course, added to this drainage,
there is the natural demand for money
to handle the crops and pay for the fail
stocks of goods. 1t was most gratify-
ing to hear the moneyed men of the East
speak about the promptness with which
st. Paul obligations were met, and there
is no doubt but that our reputation is as
good. If not better. than any Western
city, in that respect"
What will be the effect of this
strlngency in money matters. upon the
future investments here?"
''1t will have the effect of driving
thousands OF people in the East out of
the habit of investing their money in
stocks and bonds; because they have
ordered the sale of great MANY of
these securities, i'll every locality Wis
tied by me. A large percentage of this
money will find its way West and be in
vested, both i'll real estate and mort
gage securities: also in fine business
blocks and dwelling houses This
class of securities is being sought after
very eagerly by conservative men East
and 1t was common talk in all the
towns, villages and large cities visited
by me. that parties are arranging TO
come West and make investments of
this class. Large numbers of these peO
pie are coming to st. Paul and express
their unbounded confidence in our CITY:
so that we may look for a great deal of
Eastern money to be invested in this
city within the next sixty days, i'm fact
we are receiving large sums of this
money for investment already"
"Dld you learn anything else of in
terest, while you were away?"
Yes, had the pleasure of meeting a
syndicate of German and English GEN
uemen in Boston, who have arranged
WIN us 10 erect large numbers of houses
IN the early spring. A great MANY of
them will be built in the territory tribu-
tary to the cable line and within two or
three blocks of it. This was one object
or my visit East, and we shall exert our
utmost Influence towards inducing cant
tai to invest in this manner. There is
another thing that has struck me very
forcibly while East, and that is that a
great deal of the money in Maine. New
Hampshire and Massachusetts that is
loaned by parties to savings banks in
their localities at from to 81 per cent.
per annum land in most instances II is
necessary for these people to leave their
money on deposit twelve months unless
they receive no INTEREST,", is being taken
from the banks and sent West for in
vestment, where they can get from to s
per cent: per annum on first mortgage
notes, with ample security, and can de-
rive much larger profit investing if in
real estate. This will soon furnish us
with plenty of good investors. and not
only this, but with large number of
good citizens who will come here and
make this their future home.'
You feel pretty well pleased with st.
Paul?" "-''' w.
Yes, sir, l have always considered
st. Paul the best city in the West. and
| am certainly stronger than ever in this
belief" - '''i'